We’re currently in a competitive seller’s market, so I’m sharing six tips to help your offer stand out amongst the competition:
1. Earnest money. Write an earnest money deposit that’s higher than usual. In Northern Virginia, earnest money deposits are commonly 1% to 3% of the sales price. However, making a stronger deposit shows the seller you’re serious about buying the home.
2. Show the sellers you’re qualified. Most buyers have a pre-qualification letter, but you can get a pre-approval letter from a lender that states you’re already approved for a loan. It’s also always a great idea for the lender to call or email the listing agent so they can verify your approval.
3. Give the sellers the settlement date they want. Sellers often want a quick settlement with a rent back, but sometimes they want a delayed settlement. It’s crucial to find out what the seller wants so you can make your offer the most appealing. Often we’ll offer free rent back as an incentive.
4. Shorten or waive contingencies. You can do a home inspection for void only (meaning you either accept or reject the home as is) or waive the appraisal or financing contingency, depending on the situation.
5. Make it personal. Write a letter to the sellers telling them everything you love about the house.
6. Write your best offer. Don’t expect any negotiations. Whether it’s an escalation clause or offering full price or higher, give it your best shot so you have no regrets.
“Write a letter to the sellers telling them everything you love about the house.”
If I can answer any other questions or you’re considering buying a property in this challenging market, please feel free to reach out to me via phone or email. I would love to help you.
